Wasting your money is like having a slow leak in your bank account – or like watching your phone battery drop and having no idea which app is draining it. Every month, it feels like your money just disappears, and you’re left wondering, Where the heck did it all go?
If that sounds familiar, you’re not alone. The truth is, most of us are spending money in places we don’t even realize. In this post, we’re going to help you find those leaks and plug them fast.
1. Unused Subscriptions
From streaming services to gym memberships, many people are paying for things they never use. If you haven’t stepped into your gym or opened that course platform in months, cancel it.
We suggest that you save money by auditing your subscriptions twice a year. Make a list of your subscriptions. Evaluate the value of each in your life. Then, cut anything that you aren’t using or no longer need.
2. Extended Warranties
Many extended warranties are unnecessary, especially on low-cost items. Be selective and only consider them for big-ticket purchases where the risk of repair is high and costly.
3. Tech Upgrades You Don’t Need
Just in case you need to hear this: Just because there’s a newer phone model doesn’t mean you need it. Really!
Most of the time, the upgrades are small anyway — not worth the price tag. If your current phone or laptop still works, keep it going a little longer. That’s money in your pocket.
When we’re finally ready to replace something, we buy gently used tech from Back Market. We’ve been super happy with the quality, and we’ve saved hundreds compared to buying new.
4. Rental Car Insurance (When You’re Already Covered)
We recently had to rent a car for a couple of weeks. While at the rental company, they asked if we wanted to purchase rental insurance. Thankfully, we knew to double-check with our current car insurance before paying for rental coverage. Turns out, our policy already covered any damage to a rental car. No extra charge was necessary.
Be aware, not all automobile policies have this option. However, before you check the box to spend more money at the rental store, remember, you might already be protected and not even know it .
5. Name Brands Over Generics
Many generic products are made in the same factories, on the same assembly lines, as the brand-name version. Trying the store brand, could save you 30–40%. More importantly, you will most likely never even notice a difference.
6. Gym Memberships You Don’t Use
Unless you’re actively using the gym multiple times a week, it’s time to cancel. Free YouTube workouts, walking, or biking are great no-cost alternatives.
7. Convenience Fees
ATM charges, monthly billing surcharges, or service fees for “convenience” can add up quickly. Whenever possible, pay annually. You’ll save up to 20%. Also, stick to your bank’s no-fee ATMs to avoid additional monthly charges.
8. Overpaying for Internet, Cable, or Phone
When it gets close to your renewal billing on any of these regularly occurring bills, call your provider. Ask for a loyalty discount or speak with the retention department. Most companies have lower-cost plans – you just have to ask.
9. Impulse Purchases
Social media and online ads make it easy to buy things you don’t need. Here’s how to deal with frequent impulse purchases.
Make this rule (and post it where you’ll see it, if you need a reminder):
“I will wait 24 hours before making any unplanned purchase.”
This wait time gives your brain a chance to process whether the item is a want or a need. It also lets you check your budget to see if you’ve got money set aside to pay cash. This simple pause can drastically reduce the after-purchase regret cycle.
10. Outgrown Services
Be sure you regularly audit your monthly services to see if you are paying for things that once made sense may no longer serve you. A good example may be, those kids’ activity boxes your teens have aged out of. Cancel anything that’s no longer useful.
11. Takeout and Delivery
Treating yourself occasionally is fine, but routine takeout can become a serious budget buster. One of our favorite ways to enjoy restaurant food without overspending is the Too Good To Go app, which offers restaurant meals at a fraction of the regular price.
We often get a $5 surprise bag from a Mexican restaurant near our home on Friday nights. It’s enough food to feed both of us. That’s a great Date Night meal for less than the cost of one drink at a local coffee shop. We still get the fun of takeout, without the regret of blowing our budget.
12. Bulk Buying (Without a Plan)
We go on twice-a-year bulk buying trips to a local Amish store. Buying in bulk can save money – or waste it. If you’re throwing out expired food, you’re wasting money. As always, do the math before buying and have a game plan for using the food before it goes bad.
Here’s a bulk food hack that worked for us when we only had two children: if large amounts are too much for your family, share big purchases with friends or relatives. Everyone saves money, and nothing goes to waste.
13. Auto-Renewing Memberships
Annual renewals often go unnoticed until your bank account takes a hit. Review your subscriptions for auto-renew traps, especially the ones that only bill once a year.
14. Late Fees
Set calendar reminders or use auto-pay to avoid unnecessary fees. If you miss a payment once, call and ask if they will waive the late fees. This generally works, especially if you’ve been a long-time customer and always paid on time.
15. Credit Card Interest
Paying only the minimum on credit cards can cost you thousands in interest. A $2,000 balance at 21% interest could take 10 years and $2,700 in interest to pay off. That’s the definition of wasting money.
Your Turn!
Which of these 15 money leaks are showing up in your life? Pick one or two areas that stood out to you and make a plan to tackle them this week. Remember, small steps will move you closer to where you want to be.
Spotted a place you’re wasting money? Tell us in the comments — we’d love to hear what changes you’re making!
